PipNRoll has enough motivation , she gets in their and keeps up with the best.
Thatās damn nice of you PNR, yeah there are days when I need a pick-me-up like the rest of the crowd but hey, would think newbies would need the push more than usā¦
And Talon, where did you get the link from? Just gave it a read and planning to put it to test starting with āno mailsāā¦
Thanks guys 
I am just trying to impress you with my 2nd language writing " skills" 
Yes, I do need motivation and encouragement too. When that happen, I will post it here then Iāll quitā¦ Then I come back then I quit againā¦ Never quit quitting. Lol ā¦ Thanks!
Youāre welcome and FYI, we all need these motivational threads, no matter how experienced we may be in tradingā¦
[B]What is Confidence?[/B] Is a positive thoughts, feelings and actions reflecting your self-belief and expectations of your ultimate success. Success is never guaranteed, but self-doubt and negativity can ensure failure. When you believe in yourself, you move away from harmful distractions such as anxiety and fear, and you move toward a more effective performance focus.
Lack of confidence can create all kinds of anxiety and fear, over-thinking things and not be able to pull the trigger. On the other hand, too much confidence can also be dangerous in causing a trader to overcommit capital and be subjected to too much risk when a position goes bad. So your goal should be to promote the internal confidence while still showing the external disciplines to prevent the ego from taking over the consistent execution of a trading method.
Here are some ways on how we can develop or build confidence.
[B]
1.) Build a Strong Foundation[/B] ā Find out what type of trader you are (Swing Trader, Day Trader, Intraday Trader, Scalper, etc) and what timeframe works best for you (especially if working full time on a regular job) , develop a trading plan and follow that plan.
[B]2.) Focus on the process[/B] ā we often times focus on how much rate of return that we are expecting to make. However, since the market is unpredictable, there is in no way we know for sure whether or not our trade is going to win or lose. Instead of focusing on the profit/lose, why not focus on making sure that we stick to the plan by applying self-discipline, waiting for that daily candle to close or wait for the news policy changes to come out or your fabulous Fibonacci tells you itās time to get in.
[B]3.) Practice, practice, and practice[/B] ā Athletes practice to gain mastery and to be able to execute them under pressure. Through practice, traders can mastered the fundamental trading skills as we never know what will affect sentiment and how the markets will react. Practice is also the key to confidence and success to prepare ourselves each day until we know we can handle any scenario the market can throw on us.
[B]
4.) Look at the brighter side[/B] ā Have you met any confident and successful people who have had a consistent negative outlook or attitude? Maybe a few or closer to none. Successful and confident people tend to have a positive or optimistic attitude because when you focus on the positive, you tend to have positive results. Instead of feeling bad or throwing tantrum like an 85 year old (hahaā¦) in the middle of a massive drawdown, be positive and think about what you did wrong and correct the mistakes the next time you take a tradeā¦and please stay away with negative and angry peopleā¦
You were not kidding about your writing skills PipNRoll. I think you should set up some motivational seminars and go around the country. Thank you , this is a good way to close out the week. :5:
Lolā¦ Aww tonyro44ā¦ That is so sweetā¦ I would love too but I have to quit my day job lolā¦
Glad you like itā¦ Have a great weekend!
Mr. tony44,
I got this fortune that says something like thisā¦
thatās what Iām talking about! My Plan B back up plan LOLā¦
Thank you PipNRoll, i will take those numbers and play them on the roulette table. You were born to be inspiring the people , go for it.:13:
Sorry to break it to you.
The lack of that ability is decidedly not gender specific.
[QUOTE=āMaster Tang;529071ā]
Sorry to break it to you.
The lack of that ability is decidedly not gender specific.[/QUOTE]
Statistically significant differences especially when considering the specific scenario I described.
Its really nice that you wanna help and you wanna talk about some technical issue of forex trading , can you clear me about you benifit by doing this job?
I was advice before that you should not say you are āboredā rather you are looking for challengeā¦whatever that challenge isā¦
PipNRoll,
thank you for opening such a thread!
Question of Noah about āhow to benefitā goes same direction as in the thread āNever pay for advice or educationā. There was asked, why a seasoned trader should help a newbie. Probably there are a lot of reasons. Whatever reason PipNRoll took to act, thank her to do it!
Just read an interview you had with BP moderator,thought I should find out who is this!Been a trader for about a year now,looking forward swapping ideas
I really enjoy reading the tread, even though I spent an hour here! Thanks for startig this!
Thanks guys for stopping byā¦ I am working on a next article so stay tune
Overtrading typically has two connotations: trading size that is too large for oneās portfolio ( taking too much risk per trade) and trading too often ( when an objective edge for the trade is not present). Many times, traders do not formulate their rules explicitly: they do not have clear and concrete formulas for position sizing, and they do not have hard-and-fast rules for when to enter and exit in which surprisingly common error to assume that discretionary trading means trading without rules. Discretion means that we employ real-time judgment in entering, exiting, and managing positions.
In the case of overtrading, it represents the psychological need for immediate results (or positive results) without the corresponding willingness to allow time to pass. A certain amount of time is required for any trading style to generate a gain and the unwillingness to let the required amount of time to pass comes out in the markets as constant execution over some timeframe.
Overtrading is not synonymous with the amount you trading. You can trade large amounts of an asset (or assets) so long as you stick to your trading plan and exit a trade according to predetermined parameters, e.g., stop loss orders. This takes some discipline, but your success as a Forex trader depends, among other things, on your ability to control your emotions.
When a trader becomes afraid of not being on a trade when the price finally moved to his/her direction, you are now telling yourselfā¦ āYou are missing it! You were right!ā and this trader now executes again for an entry. As prices return to the first entry price, this trader again has a small open-trade loss. This process may repeat itself several times over a short period of time, especially if the market is advancing in the intended direction. The problem is not the market price action; the problem is the trader creating an urge to action that is not consistent with normal ebb and flow of most market action. The trader has failed to allow time to pass and let the market do what it is going to do. During a major price advance or decline that was properly observed, this trader has small gains or even net losses when his just sitting tight for a period of time would have resulted in a nice gain.
[B]
How can we avoid overtrading? [/B]
Fear, Greed, Anger of losing trade (s) are all understandable emotions. However, the best Tradersāthe ones who trade with their mind and not with their gutāare always able to subdue these emotions and trade with discipline.
Here are some ways to prevent overtrading ( I am sure, there are a lot more out there).
ā¢ Develop a plan: Before beginning to trade, make sure you understand the basics of risk management: e.g., how to set up entry orders, how to exit a trade, and how to use stop loss orders (For newbies, definitely yes but to those advanced or experience traders maybe or maybe not). Just as important, stick to your plan.
ā¢ Study the markets: Before beginning to trade, make sure you know what happened, and what is happening, in the markets. Your trading brokerage should provide you with a daily market review and live news feeds.
ā¢ Determine when youāll open a position: Ask yourself the following question each time you prepare to trade: What needs to happen in the markets to convince me to open a position (e.g., a retracement towards a support level, a news development)? You should always know why youāre opening a position.
References:
TraderFeed: How Do I Avoid Overtrading?
How to Avoid Overtrading | Forex School - Novice
Psychology of Trading - Traders Log
When I started out I used to overtrade alot,I opened my first live trading account of 500 bucks about a year and a half,trippled tippled the amount in two days,then proceed to blow out my account the third day,lossing all the profits including my deposit.I decided to go back to demo trading but this time I came with a trading plan and developed a habit of stickin to it.I did came up with a rule in my trading plan of trading only once in a week,that means 4 trades in a month.I decided to keep things simple,trading only with the trend using daily charts.The demo results were amizingly great!After 4 months of demo trading,I went back again to live trading investing $400.I started trading according to my trading plan and did everything I did with demo trading.So far so good its going well.I have learned to keep emotions at bay,since they have no place in forex trading.M pretty much relaxed in my trading I dont get glued on the computer for hours,infact most of the money I have made has been when iam dead asleep
A good explanation, Iām sure a lot of us have at one point in our trading ājourneyā over-traded by either position size or quantity of trades in a given session. The unfortunate aspect of over trading is that it really canāt be quantified into a hard and fast rule.
For example, should you trade 5, 10, 20 or even 50 times per month, from which quantity does over trading kick in? It does of course have a lot to do with the trading approach you have taken, and the template time frame which you use for analysis.
Another example, should you trade a position size of 0.5%, 1.0%, 2.0% or even 5.0% per trade, from which quantity does over trading kick in? This will depend on your success rate, historical draw down, and maybe some further statistical evidence from using standard deviations and probabilities. I do not believe it has anything to do with psychological behavior, and on a personal level I feel the whole psychological argument of which states that emotions can come into play when an account balance grows exponentially is total and utter rubbish. (Maintain a trade plan and there will be no psychological problems)
However, moving back to over-trading, to find out when this is happening, it usually does require a trader to actually enter over-trading territory. The only plausible way that I can see to avoid this without literally risking your account is by having enough historical statistics to evaluate not only the typical quantity of trades per given period, but also the position size that should be used on these trades. This is obviously very easy for the non discretionary trader who does use fixed entry and exit rules, but proves to be more of a challenge for the discretionary trader who only uses rules for trade management rather than āspecificā pro-forma entry and exitās.
The bottom line is that you will as a new trader over-trade at some point, but I should imagine in most cases it requires you to make this mistake so that you can learn from your mistake and appreciate what over trading actually is and the risks that are applied to your account.